German real estate investment firm Commodus has acquired a 60,000 m2 office property in Berlin-Mitte in a joint venture with the pension scheme of a large German energy conglomerate.
Financial details were not disclosed.
The purchase of the single-tenant office represents the anchor investment for the Commodus Deutschland Fund II, which focuses on value-added office properties in Germany’s top seven cities.
'The office property that we have acquired is characterised by the stable income it provides, its prime micro-location and its excellent location in the heart of Berlin,' said Dr Matthias Mittermeier, managing partner at Commodus.
'Another advantage is the structural flexibility it offers, meaning that the building could also be used for a multi-tenant structure in the future.'
The asset on Gustav-Meyer-Allee, located on the former AEG factory and production premises, was completed in the late 1980s. The site and the building were then divided up as part of estate proceedings. Commodus has now acquired the section of the building at Gustav-Meyer-Allee 1 from a private group of heirs as part of its joint venture. The building was refurbished in 2001.
'We will continue to expand our office real estate portfolio,' added Mittermeier. 'The property on Gustav-Meyer-Allee is the first investment in our second, recently established fund for value-added office real estate investments in Germany’s top seven cities.'